“This is why the policy developments in Europe and the U.S. of the past fortnight are so important.”

“I’m passionate of the view that most benchmarks or investors all over the world are stuck in history. And given the fiscal issues and the challenges facing the G7 countries – because Japan (NYSE:EWJ) it’s true as well – and the absence of growth, it seems to me that both in debt and equity benchmarks, the neutral position for the BRIC countries and other growth economies needs t be raised significantly. That is certainly the way I am trying to guide the whole of our entity and I’m sure it’s how many investors are going to be thinking as we creep forward.”

On, if there were only one BRIC country he could put money in, would it be Brazil:

“No it would not be [Brazil]. I mean I’ve loved Brazil (NYSE:EWZ) for many years but nothing ever goes in a straight line. I worry about the real – it’s far too strong. Very controversially, of the four, I would actually pick Russia right now. I think it’s got a lot of value and at the margin they’re doing one or two things in a better direction.”